Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history. In many ways, the tulip mania was more of a then-unknown socio-economic phenomenon than a significant economic crisis. It had no critical influence on the prosperity of the Dutch Republic, which was one of the world's leading economic and financial powers in the 17th century, with the highest per capita income in the world from about 1600 to about 1720. The term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.
A Satire of Tulip Mania by Jan Brueghel the Younger (c. 1640) depicts speculators as brainless monkeys in contemporary upper-class dress. In a commentary on the economic folly, one monkey urinates on the previously valuable plants, others appear in debtor's court and one is carried to the grave.
Anonymous 17th-century watercolour of the Semper Augustus, famous for being the most expensive tulip sold during the tulip mania.
Wagon of Fools by Hendrik Gerritsz Pot, 1637. Followed by Haarlem weavers who have abandoned their looms, blown by the wind and flying a flag emblazoned with tulips, Flora, goddess of flowers, her arms laden with tulips, rides to destruction in the sea with the vices Fraud, Gluttony and Avarice, Mrs. Mania, and Idle Hope/Fortuna.
The Tulip Folly, by Jean-Léon Gérôme, 1882
Tulips are spring-blooming perennial herbaceous bulbiferous geophytes in the Tulipa genus. Their flowers are usually large, showy, and brightly coloured, generally red, orange, pink, yellow, or white. They often have a different coloured blotch at the base of the tepals, internally. Because of a degree of variability within the populations and a long history of cultivation, classification has been complex and controversial. The tulip is a member of the lily family, Liliaceae, along with 14 other genera, where it is most closely related to Amana, Erythronium, and Gagea in the tribe Lilieae.
Tulip
Bulbs, showing tunic and scales
Cup-shaped flower of Tulipa orphanidea
Star-shaped flower of Tulipa clusiana with three sepals and three petals, forming six identical tepals